It’s no secret that the bear market has affected each part of the crypto trade. The onslaught has seen each high cryptocurrencies and NFTs decline drastically from their 2021 all-time highs, and at the moment are buying and selling for a small share of this worth. Nonetheless, some have carried out higher in comparison with others. On this report, we’ll check out each the highest NFTs (Blue Chips) and the highest cryptocurrencies by market cap and see how effectively they’ve carried out in comparison with each other.
Blue Chip NFTs Vs. Prime Cryptocurrencies
When speaking about blue-chip NFTs, they’re fairly simple to identify. These are the NFTs which were in a position to attain a excessive worth and had been in a position to keep their worth with out wild fluctuations. In a means, they have an inclination to work like the highest 10 cryptocurrencies which have had a greater likelihood at holding their worth.
Now, when taking a look at blue chips like Bored Ape Yacht Membership (BAYC) and Cryptopunks, they’ve dumped loads from their peak. For instance, BAYC is presently buying and selling at $103,000 after peaking above $460,000, representing a 77% drop from its all-time excessive. Equally, the value of Cryptopunks has recorded a 75% decline after reaching a mean worth of round $400,000 to its present worth of simply above $100,000.
Others resembling Moonbirds and CloneX have suffered even worse, falling 94.6% and 94.1%, respectively, from their all-time highs. In some circumstances, quite a lot of these collections additionally noticed gross sales a lot larger than their common costs which might imply a fair larger share loss if the very best gross sales had been for use.
Each blue chip’s ATH in comparison with their present worth:
BAYC $468k/ $103k
MAYC $112k/ $21k
CloneX $85k/ $5k
Doodles $65k/ $5k
Moonbirds $94k/ $5k
Cryptopunks $399k/ $101kLesson realized:
There isn’t any such factor as a ‘blue chip’
Take earnings as usually as humanly potential
— NFT God (@NFT_GOD) March 26, 2023
Conversely, high cryptocurrencies out there appeared to have carried out higher. A take a look at Bitcoin’s present worth in comparison with its all-time excessive worth reveals a 59.51% decline, in keeping with knowledge from Messari. Ethereum however is down 64.19%.
BTC down 59% from November 2021 all-time excessive | Supply: BTCUSD on TradingView.com
In comparison with the highest 2 NFT collections BAYC and Cryptopunks, the cryptocurrencies are literally faring higher price-wise. There’s additionally the truth that cryptocurrencies are far more liquid in comparison with NFTs, so their buying and selling quantity is way larger.
Nonetheless, in relation to deciding which of those two asset lessons will maintain their worth finest going into the subsequent bull market, it stays to be seen. Each NFTs and cryptocurrencies did extremely effectively within the final bull market, and have quite a lot of eyes and curiosity in them.
NFTs are additionally seeing much less participation as complete new addresses utilizing NFTs fell from 81,590 in late February to underneath 6,000 addresses in late March. In the meantime, digital property resembling Bitcoin and Ethereum have seen an uptick of their buying and selling quantity and utilization.
The quantity of transactions on the Ethereum network reached a brand new one-month excessive, whereas the number of addresses holding over 0.1 BTC on their steadiness recorded a brand new all-time excessive, in keeping with knowledge from Glassnode.
